Best Buy provides repair services for computers and other devices at its stores through its Geek Squad brand. The retailer was one of the few to thrive during the pandemic, reporting a 144% increase in U.S. online sales and an 8.3% rise in total sales in 2020 as Americans updated their home offices for a new regimen of remote work.
The company’s milestones:
– In 1966 – Richard Schulze opens Sound of Music stereo store in St. Paul, Minn.
– In 1981 – The chain hits on a low-price, no-frills format following a fire sale at a tornado-ravaged store
– In 1983 – Sound of Music changes name to Best Buy; opens first superstore
– In 1985 – Brian Dunn joins Best Buy as sales associate.
– In 1989 – Best Buy employs “grab-and-go” merchandising within a non-commissioned, warehouse-style environment; introduces yellow tag logo
– In 1993 – Best Buy becomes No. 2 CE retailer behind Circuit City.
– In 1995 – Best Buy implements standard operating platform (SOP) to standardize and manage operations.
– In 2000 – Best Buy acquires Magnolia Hi-Fi; launches BestBuy.com.
– In 2001 – Best Buy acquires Canada’s Future Shop, its first international venture
– In 2002 – Brad Anderson succeeds Schulze as CEO; acquires Geek Squad
– In 2003 – Best Buy dumps ill-fated Musicland music store acquisition
– In 2005 – Best Buy acquires Audiovisions, a California integrator; begins national roll out of customer centricity model.
– In 2006 – Best Buy opens first stand-alone Mobile store with Carphone Warehouse; opens first in-store Magnolia departments; opens Geek Squad City, a 165,000-squarefoot IT repair depot; acquires Pacific Sales home improvement chain; acquires Chinese CE and appliance chain Five Star.
– In 2008 – Best Buy acquires Napster; enters European venture with Carphone Warehouse; Lehman Brothers collapses, economy follows.
– In February 2009 – Best Buy leveraged its partnership with The Carphone Warehouse to launch Best Buy Mobile, a Best Buy-branded mobile retailer.
– In April 2010 – Best Buy opened its first United Kingdom-based Best Buy-branded store in Thurrock.
– As of 2013 – The company has 1,150 stores and sales revenue of $50 billion.
– On May 9, 2018 – The company unveiled a new logo for the first time in nearly three decades.
According to zippia.com; twice.com. Source of photo: internet
